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I don't have time to post a full recap right now but I did want all homeowners to be aware of this tax break which Sarah brought up.
Click here to view and print the Informal Property Tax Review Form, fill it out and postmark it by March 30th.
Kudos to Sarah for presenting this information at last night's meeting. There is a lot more to come about the meeting. Tell your fellow neighbors about this ASAP.
As an FYI, the form asks for comp sales in the area, but you do not need to fill that out since the information is not readily available. I was told by the Assessors Office to put "Not Available" and that they would pull it up on their own. They have the information, but we do not since the auction prices were not identified by the converter in the grant deeds.
-Sarah
Totally off the subject but I wanted to tell Mrs. Cyrus that I love her, and thanks for putting up with all the time I spend on the blog.
8 COMMENTS:
question on property tax review - what do you use for opinion of value if you leave the comps blank?
Will this affect you should you want to refinance in the near future?
Hey Ben,
My experience in trying to refinance was that the current government assessed value didn't matter: they did a couple of things on their end to try to assess the value themselves. I was told that since I no longer had 20% equity that it wouldn't be the right time to refi.
From what I understand, the comps don't need to be in our complex, just on our street or even in our zip code. Our real estate agent pulled the following comps for us:
(I'm not sure of the sale dates, but they are all 2008 sales)
1366 Cabrillo Park Dr. #F
2BR/2BA, 974 SF, built 1974, 211 days on market
Sale Price: $201,600
1064 Cabrillo Park Dr. #F
2BR/1.25BA Townhome, 943 SF, built 1972, 144 days on market
Sale Price: $233,000
1090 Cabrillo Park Dr. #C
2BR/1.25 BA, 1008 SF, built 1972, 103 days on market
Sale Price: $205,000
1064 Cabrillo Park Dr. #C
2BR/1BA, 943 SF, built 1972, 238 days on market
Sale Price: $205,000
There are currently several condos under contract on Cabrillo. I'll list two of the 1BR ones for reference, though don't think they can be used as comps yet:
1490 Cabrillo Park Dr. #F
1BR/1BA, 700 SF, built 1969, 40 days on market
Contract Price: $189,900
1320 Cabrillo Park Dr. #F
1BR/1BA, 720 SF, built 1970, 62 days on market
Contract Price: $149,900
Oh, and one more thing - our agent pointed out that only 3 of the sales and pendings were NOT bank-owned properties or short sales! (she didn't say which three).
I don't understand how this form will help me save money on property taxes...can someone please explain to me? Thank you in advance!
The form is a request for a reassessment of your property value. When you purchased your condo, the county reassessed your home at the purchase price. Your property taxes are a percentage of that assessed value. Now that values have dropped so dramatically, a reassessment would benefit you by resetting the value of your home to better match market conditions. The county tax rate will remain the same, so the same percentage of a lower assessed value means a smaller total tax burden for you.
Cyrus, I just learned that the OC Assessor's Office extended the deadline to submit the form to April 30th. Can you let everyone know. Thanks.
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